Gifts for home purchase and housing market behavior
Rapid increases in house prices can make home ownership more difficult for prospective first-time home buyers by increasing the required down payment amount and, if the increases outpace income growth, by increasing the ratio of mortgage payments to income. In response to such constraints, households may seek a gift or loan from a family member to use as part of the down payment. ; Family transfers for housing purchase may be useful in understanding the relationship between housing finance and housing markets. Gifts may play a critical role for some households in home purchase activity in real estate cycles. This article documents the frequency and magnitude of family gifts for housing purchase and explores economic explanations for their role in home financing.
Volume (Year): (1994)
Issue (Month): May ()
|Contact details of provider:|| Postal: |
Web page: http://www.bos.frb.org/
More information through EDIRC
|Order Information:|| Email: |
When requesting a correction, please mention this item's handle: RePEc:fip:fedbne:y:1994:i:may:p:47-58. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Catherine Spozio)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.